Doing business in the age of the Internet has created many opportunities. At the same time, it has shaken many legacy industries—from music to movies, publishing to photography, newspapers to real estate—to their cores.
The latest digital casualty is the office supplies sector. In Canada, Grand & Toy, recently bought out by OfficeMax, is to shut all 19 of its stores. In the U.S., Office Depot, which has merged with OfficeMax, has announced it will shut at least 400 of its stores by the end of 2016.
The closures are a response to a rapid shift in the purchasing habits of customers, most of whom do their buying online, rarely stepping inside a retail outlet.